MATRADE’s INSP at MIHAS 2024 Attracts 250 Buyers

The Malaysia External Trade Development Corporation (MATRADE), will be hosting some of the largest international buyers in the world during this year’s International Sourcing Programme (INSP), which is its flagship business matching event organised annually in conjunction with the Malaysia International Halal Showcase (MIHAS) 2024 in Kuala Lumpur, Malaysia.

Ms. Siti Nur Nafhatun Awang Tuah Deputy Trade Commissioner of MATRADE and Vice Consul Trade in the Consulate General of Malaysia Mumbai

According to YBhg. Datuk Mohd Mustafa Abdul Aziz, MATRADEs Chief Executive Officer, INSP MIHAS 2024 will feature a line-up of at least 250 international buyers, including 20 premium buyers from approximately 40 countries. “Our global network of 49 trade offices have successfully secured the participation of leading international buyers, underscoring the events growing prominence in the global Halal marketplace,” he said.

The 250 international buyers include those from Europe, South Asia, China and Northeast Asia, Central Asia and Americas. In the case of the 20 premium buyers, they represent industry giants such as large hypermarkets and retailers with nationwide outlets from countries such the United State of America (USA), India, United Kingdom, Taiwan, Hong Kong, Kazakhstan and Uzbekistan. These buyers collectively generated a revenue of more than USD 60 billion in 2023.

“The participation of these 250 international buyers is expected to generate a potential sourcing value of more than RM1 billion,” said Datuk Mohd Mustafa. He pointed out that these business deals will have significant impact on the domestic economy as among others it can support the exporters in terms of creating job opportunities.

The event is expected to host a substantial number of business-matching sessions, fostering new partnerships and expanding market access for Malaysian businesses. “INSP MIHAS 2024 is set to facilitate at least 2,500 business matching sessions,” said Datuk Mohd Mustafa.

Datuk Mohd Mustafa emphasised the strategic importance of INSP MIHAS 2024, “This programme is instrumental in strengthening international trade relations, expanding market access for Malaysian businesses and contributing to the development of sustainable global supply chains. It represents a critical component in our efforts to position Malaysia as a key player in the international Halal ecosystem.”

INSP MIHAS 2024 is organised in a hybrid mode, with the virtual sessions taking place from 15 February to 30 November 2024. The physical sessions will be held soon on 18 September 2024 at the iconic Menara MATRADE in Malaysia, in conjunction with MIHAS 2024 held during 17-20 September 2024 at the Malaysia International Trade Exhibition Centre (MITEC).

This years programme will highlight Malaysias expertise across 20 diverse sectors. This comprehensive approach underlines Malaysias position as a leader in the global Halal industry. The sectors are:

• Agricultural Produce;

• Apparel, Garments and Accessories;

• Beverages;

• Prepared Food;

• Food Ingredients;

• Gloves;

• Palm Oil Products;

• Pharmaceuticals, Toiletries and Cosmetics;

• Machinery and Equipment;

• Gifts, Souvenirs and Jewelries;

• Packaging and Containers;

• Pet Products;

• Fashion Accessories and Textiles;

• Footwear;

• Logistics;

• Islamic Financial Services;

• Franchise;

• Information and Communication Technology;

• Islamic Entertainment; and

• Education.

The 2023 edition of INSP recorded sales of RM1.31 billion from foreign buyers across 44 countries. The hybrid format, combining virtual eBizMatch sessions with a physical event, proved highly effective in connecting Malaysian sellers with international buyers. The virtual INSP organised in 2023 witnessed participation from 344 Malaysian sellers and 270 foreign buyers from 44 countries, while the physical event attracted 469 Malaysian sellers and 231 foreign buyers including 11 premium buyers.

According to Ms. Siti Nur Nafhatun Awang Tuah, Deputy Trade Commissioner of MATRADE Mumbai, MIHAS provides Indian businesses with a platform to explore Malaysias halal market, from food and beverages to pharmaceuticals and cosmetics, subsequently boosting bilateral trade in halal-certified products. It is also important to understand that MIHAS offers Indian companies vast opportunities to explore sectors beyond halal products, such as technology, e-commerce, and services – thus broadening the trade portfolio between both countries.

Ms. Siti Nur Nafhatun, who is also the Vice Consul (Trade) in the Consulate General of Malaysia in Mumbai, also reiterated that more and more Indian businesses have begun to diversify into IT-based sectors like technology and e-commerce. Through these sectors, Indian companies would gain access to the broader ASEAN market, leveraging Malaysias strategic position and free trade agreements.

Registration for virtual participation for INSP 2024 can still be completed through this link, before 15 November 2024. For any assistance during the registration process, participants are encouraged to contact the INSP MIHAS Secretariat via inspmihas@matrade.gov.my.

For further details on MIHAS 2024, please visit: MIHAS Malaysia International Halal Showcase.

About Malaysia International Halal Showcase (MIHAS) 2024

Since its inception in 2004, the Malaysia International Halal Showcase (MIHAS) has evolved into a pivotal event for both local and international businesses to flourish within the Halal trade, significantly contributing to the global Halal economy’s expansion. In 2023, MIHAS set a new benchmark by recording sales of RM3.20 billion, surpassing its target by 24 percent. This achievement not only underscores MIHASs stature as a premier global trade platform for the Halal industry but also highlights its role in driving the sectors growth and innovation.

MIHAS has established itself as a dynamic marketplace, offering a broad spectrum of opportunities that extend beyond Halal food. It encompasses sectors such as Halal pharmaceuticals, medical devices, finance, modest fashion, personal care and cosmetics, and even Muslim-friendly tourism. This diversity reflects the evolving nature of the Halal market and MIHASs commitment to catering to its multifaceted demands.

The 20th edition of MIHAS, under the theme “Globalising Halal Innovations”, will place a special emphasis on fostering innovation and sustainable initiatives. These key focus areas are designed to spearhead steady growth for the Halal economy, ensuring that it remains vibrant and resilient in the face of global challenges. By encouraging local and international players to embrace innovative solutions and sustainable practices, MIHAS aims to not only enhance the competitiveness of the Halal industry but also to contribute to a more sustainable and inclusive global economy.

MIHAS’s global reach is not confined to the ASEAN region alone; it enjoys robust international support, evidenced by the enthusiastic participation of International Pavilions from countries across the globe. This includes trade commissions, various government agencies, industry players, and market leaders, all coming together to explore and seize the vast opportunities within the Halal market. This international collaboration underscores MIHAS’s role as a global nexus for the Halal industry, facilitating cross-border trade, and knowledge exchange, and fostering partnerships that span continents.

As MIHAS continues to evolve, it remains committed to its mission of galvanising the global Halal industry, promoting innovation, and supporting sustainable growth. Through its comprehensive platform, MIHAS not only showcases the latest trends and innovations in the Halal sector but also catalyses forging business connections and dialogue that drive the industry forward. With each edition, MIHAS reaffirms its position as a key player in shaping the future of the global Halal economy.

About the Malaysia External Trade Development Corporation (MATRADE)

The Malaysia External Trade Development Corporation (MATRADE) has been at the forefront of promoting Malaysias exports, playing a pivotal role in enabling many local companies to establish and expand their presence in global markets. As we continue to spotlight capable Malaysian companies on the international stage, our efforts are aimed at making the ‘Made-In-Malaysia’ brand synonymous with excellence, reliability, and trustworthiness. This commitment is reflected in our strategic initiatives and comprehensive support programmes designed to empower Malaysian exporters to navigate and succeed in the competitive global marketplace.

Underpinning MATRADE’s mission is a deep-seated belief in the quality, innovation and diversity of Malaysian products and services. By fostering a conducive environment for export growth, MATRADE has been instrumental in helping Malaysian businesses not only enter but also thrive in new and existing markets worldwide. Our approach is holistic, encompassing market intelligence, trade advisory services and capacity-building programs, all tailored to the nuanced needs of Malaysian exporters.

MATRADE’s efforts extend beyond traditional trade facilitation. We are committed to championing the Halal industry, as evidenced by our pivotal role in organising the Malaysia International Halal Showcase (MIHAS).

Furthermore, MATRADE’s dedication to sustainability and digitalisation reflects our forward-thinking approach to trade promotion. By integrating these elements into our initiatives, we aim to ensure that Malaysian exporters are well-equipped to meet the evolving demands of the global market, thereby securing Malaysias economic future and reinforcing our position as a trusted trading partner.

As we look to the future, MATRADE remains steadfast in its mission to elevate Malaysia’s export landscape. Through strategic partnerships, innovative programs and a relentless focus on quality and excellence, we are helping to shape a resilient and dynamic Malaysian export sector that is capable of achieving sustainable growth on the global stage.